Assembly Payments, formerly known as PromisePay, will join fellow payments fintech CurrencyVue at SWIFT gpi Industry Challenge in Singapore on 13-14 September.

The challenge will see the two companies working with 30 banks to develop a new service for SWIFT's financial institution members, using SWIFT's global payment innovation (gpi) service.

Two winners from the Singapore event will be featured at Sibos, SWIFT's global flagship event, in October 2017.

CurrencyVue chief executive Matthew Tyrrell said, "The CurrencyVue team are extremely excited about the opportunity to be involved in Swift’s gpi industry workshop.

"Our vision is all about removing the friction in international payments and FX hedging, so we see our capabilities being very much aligned to the Swift gpi value proposition."

Assembly Payments chief executive Simon Lee added, “There is a massive upheaval in the global banking environment and it’s encouraging that major institutions are looking to the fintech community to help solve their problems.

"We look forward to combining with others from across the world to improve the experience of making international payments."